Municipals were firmer in spots to kick off the new year’s trading on Tuesday, underperforming a U.S. Treasury rally out long. Equities ended down. Triple-A benchmark yields were bumped up to seven basis points, depending on the scale, while U.S. Treasury yields fell 10 to 12 basis points 10 years and out. The three-year muni-UST
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Republicans are set to challenge a controversial Federal Highway Administration memo outlining how states should spend their IIJA money after the Government Accountability Office ruled that the memo ventures into the realm of policy-making and is thus subject to Congressional review. Penned by former acting FHWA administrator, and current deputy director, Stephanie Pollack, the memo
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The municipal bond market shrank, retail continues to access it, and broker-dealer holdings have grown, the latest Federal Reserve data show. Fed data show the outstanding universe of munis shrinking in the third quarter in terms of both par basis and market value, said Matt Fabian, a partner at Municipal Market Analytics. The value of
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